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Dividend information

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Dividend policy and dividend growth program

Our long-term dividend payout ratio guideline is 65 to 75% of prospective sustainable net earnings. In May 2013, we provided shareholders with additional clarity on our intentions regarding our dividend growth program. We plan to continue with two dividend increases per year through 2016, normally announced in May and November, and are targeting the increase to continue to be circa 10% annually.


Notwithstanding this, dividend decisions continue to be dependent on earnings and free cash flow and subject to the Board’s assessment and determination of TELUS’ financial situation, capital requirements and economic outlook on a quarterly basis. There can be no assurance that the Company will maintain its dividend growth program through 2016.


In May 2011, TELUS originally announced plans to continue with two dividend increases per year to 2013, normally declared in May and November, and expect the increase to be in the range of circa 10% annually.


Recent dividend history

In February 2014, the Board of Directors declared a quarterly dividend of thirty-six cents ($0.36) Canadian per share on the issued and outstanding common shares of the Company payable on April 1, 2014 to holders of record at the close of business on March 11, 2014.


This quarterly dividend represents a 4 cent or 12.5 per cent increase from the $0.32 quarterly dividend paid on April 1, 2013.



Record DatePayment DateAmount*
Q1-14March 11, 2014April 1, 2014$0.36
Q4-13December 11, 2013January 2, 2014$0.36
Q3-13September 10, 2013October 1, 2013$0.34
Q2-13June 10, 2013July 2, 2013$0.34
Q1-13March 11, 2013April 1, 2013$0.32


* Dividend amounts adjusted for 2-for-1 stock split effective April 16, 2013.

Eligible dividends

TELUS Corporation ("TELUS") advises that unless stated below, all Common and Non-Voting share quarterly dividends paid since January 2006 are "eligible dividends" as defined by subsection 89(1) of the Income Tax Act. Under this legislation individuals resident in Canada may be entitled to enhanced dividend tax credits that reduce the income tax otherwise payable.


The following portion of Common and Non-voting share dividends paid on April 1, 2007 are eligible dividends.


EligibleNot EligibleTotal
Common shares$0.3725/share$0.0025/share$0.375/share
Non-Voting shares$0.3725/share$0.0025/share$0.375/share


Dividend reinvestment and share purchase plan

Investors may take advantage of automatic dividend reinvestment to acquire additional common shares without fees. Under this feature, eligible shareholders can have their dividends reinvested automatically into additional common shares acquired at market price. Under the dividend reinvestment plan, we currently purchase TELUS common shares on the open market.


Additionally, we offer a share purchase feature, which is managed by Computershare Trust Company. Under this feature, eligible shareholders can, on a monthly basis, buy TELUS common shares (maximum $20,000 per calendar year and minimum $100 per transaction) at market price without brokerage commissions or service charges.


For complete information about this plan or to enroll, you can download the form or you can view the plan booklet.


For historical information on DRISP prices, please download the spreadsheet.


Dividend history


Record DatePayment DateAmount


Q4-0911-Dec-0904-Jan-10$ 0.475
Q3-0910-Sept-0901-Oct-09$ 0.475
Q2-0910-Jun-0902-Jul-09$ 0.475
Q1-0911-Mar-0901-Apr-09$ 0.475
Q4-0811-Dec-0802-Jan-09$ 0.475
Q3-0810-Sept-0801-Oct-08$ 0.45
Q2-0810-Jun-0801-Jul-08$ 0.45
Q1-0811-Mar-0801-Apr-08$ 0.45
Q4-0711-Dec-0701-Jan-08$ 0.45
Q3-0710-Sept-0701-Oct-07$ 0.375
Q2-0708-Jun-0701-Jul-07$ 0.375
Q1-0709-Mar-0701-Apr-07$ 0.375
Q4-0611-Dec-0601-Jan-07$ 0.375
Q3-0608-Sep-0601-Oct-06$ 0.275
Q2-0609-Jun-0601-Jul-06$ 0.275
Q1-0610-Mar-0601-Apr-06$ 0.275
Q4-0509-Dec-0501-Jan-06$ 0.275
Q3-0509-Sep-0501-Oct-05$ 0.20
Q2-0510-Jun-0501-Jul-05$ 0.20
Q1-0511-Mar-0501-Apr-05$ 0.20
Q4-0410-Dec-0401-Jan-05$ 0.20
Q3-0410-Sept-0401-Oct-04$ 0.15
Q2-0410-Jun-0401-Jul-04$ 0.15
Q1-0411-Mar-0401-Apr-04$ 0.15
Q4-0311-Dec-0301-Jan-04$ 0.15
Q3-0310-Sep-0301-Oct-03$ 0.15
Q2-0310-Jun-0301-Jul-03$ 0.15
Q1-0311-Mar-0301-Apr-03$ 0.15
Q4-0211-Dec-0201-Jan-03$ 0.15
Q3-0210-Sep-0201-Oct-02$ 0.15
Q2-0210-Jun-0201-Jul-02$ 0.15
Q1-0211-Mar-0201-Apr-02$ 0.15
Q4-0111-Dec-0101-Jan-02$ 0.15
Q3-0110-Sep-0101-Oct-01$ 0.35
Q2-0108-Jun-0101-Jul-01$ 0.35
Q1-0109-Mar-0101-Apr-01$ 0.35
Q4-0011-Dec-0001-Jan-01$ 0.35
Q3-0008-Sep-0001-Oct-00$ 0.35
Q2-0009-Jun-0001-Jul-00$ 0.35
Q1-0010-Mar-0001-Apr-00$ 0.35
Q4-9910-Dec-9901-Jan-00$ 0.35
Q3-9910-Sep-9901-Oct-99$ 0.35
Q2-9910-Jun-9901-Jul-99$ 0.35
Q1-9911-Mar-9901-Apr-99$ 0.35



* Adjusted for 2-for-1 stock split effective April 16, 2013.

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